Business
Q3 FY 2016 Trading Update
Q3 FY 2016 Trading Update.
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n \nRNS Number : 2851W Petra Diamonds Limited 26 April 2016 \n\n\n\n\n\n\n\n\n\n\n\n\n\n \n \n \n\n\n\n\n26 April 2016\n\n\nLSE: PDL\n\n\n\n\n \nPetra Diamonds Limited \n(\"Petra\", \"the Company\" or \"the Group\")\n \nTrading Update - Q3 FY 2016 Production and Sales Report\n \n \nPetra Diamonds Limited announces the following trading update (unaudited) for the period from 1 January 2016 to 31 March 2016 (the \"Period,\" \"Q3 FY 2016\" or \"Q3\").\n \n \nHIGHLIGHTS\n· Production up 26% to 995,905 carats (Q3 FY 2015: 791,443 carats); Q3 production favourably impacted by production from the Kimberley tailings operations attributable to Petra following completion of the Kimberley Mines acquisition in January 2016. Production for nine months to 31 March 2016 up 10% to 2,625,308 carats (nine months to 31 March 2015: 2,392,511 carats).\n· Production guidance for FY 2016 increased to 3.6 - 3.65 Mcts from 3.3 - 3.4 Mcts following the initial integration of the Kimberley Mines assets.\n· Revenue up 25% to US$120.5 million (Q3 FY 2015: US$96.1 million), due to increased sales volumes and the sale of the 32.33 carat pink diamond from Williamson for US$15 million. Revenue for nine months to 31 March 2016 down 12% to US$274.4 million (Q3 FY 2015: US$311.0 million).\n· Diamonds sold increased 13% to 937,526 carats (Q3 FY 2015: 826,815 carats) further to the initial integration of the Kimberley Mines assets. \n· Rough diamond prices up ca. 3.5% on a like for like basis in comparison to the average for H1 FY 2016, due to an improvement in rough diamond market conditions. \n· Expansion programmes, including the Cullinan plant project, remain in line with expectations.\n· Cash at bank at 31 March 2016 of US$39.0 million (31 March 2015: US$41.8 million), diamond inventories of ca. US$54.3 million (31 March 2015: ca. US$37.3 million) and diamond debtors of US$46.0 million (31 March 2015: US$15.0 million). \n· Net debt at 31 March 2016 of US$395.6 million (31 March 2015: US$99.3 million). The Company has bank facilities undrawn and available of US$114.2 million (31 March 2015: US$91.1 million), split as ...